Simantov and Paneth of GFI broker $1.275 million sale

GFI Realty Services Inc. has brokered the sale of 97-99 & 101-103 Arlington Ave., two contiguous walk-ups built in 1921 located in the Cypress Hills section, for $1.275 million which translates to seven times the rent roll and $75,000 per unit. The two four-story walk-up apartment buildings consists of a total of 17 apartments totaling 15,360 s/f. Yanni Simantov, an associate of GFI represented the seller, a local investor. Shulem Paneth, an associate broker also of GFI, represented the buyer, also a local investor. "The seller was looking for a smooth and quick transaction and we were able to strategically target the right buyers to accomplish this for him," said Simantov. "We were able to close the deal in under 90 days." "The buyer was attracted to this property due to the upside potential and its close proximity to another building he owns in the area," said Paneth. These multifamily apartment buildings are located in close proximity to the Jackie Robinson Parkway, the Broadway Junction and the J & Z subway lines. About GFI Realty Services With over 28 years of experience, GFI Realty Services, Inc. combines an intimate knowledge of local markets within comparable client service, to maximize the value of every commercial real estate transaction they are engaged in. GFI, one of the top brokers of commercial real estate in the City, and is committed to surpassing client's needs and maintaining a thorough understanding of the latest market trends.